The subprime mortgage crisis is hitting the Las Vegas metro area particularly hard. We have been ranking in the top of the country for foreclosures. This crisis is causing homeowners to lose their homes due to rising payments and a trickle down of lost jobs. We are in the high 14% for unemployment. Predatory lenders are being accused of taking advantage of uniformed buyers. Speculative investors who were buying homes to flip at the peak of the market with no intention of ever occupying are packing it in and giving up on their idea. Short sales now consist of about 47% of the available market, while foreclosed homes are around 28%.

But there is light at the end of the tunnel..For those people who still have a job and are looking for a home. Values in some areas have come down to levels not seen in 20 to 30 years. Deals can be found in almost every neighborhood. All you have to do is look and look you should. Interest rates can not stay this low for long. Turn lemons into lemonade. Go find your dream home. Sure you might have to do some repairs if you are looking at foreclosed properties, but no home is perfect. That’s right, I said it. No home is perfect. 

Investors abound in this market. 51% of all the deals closed in the last 30 days were bought with CASH!!!! Rich men are made in times of crisis.

 Don’t miss the boat!

 
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